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Hövding Sverige AB: Hövding: Margin on the rise (Västra Hamnen)

Læs udgivelse
  • Massive volume growth, but against weak comparison period
  • Margin improvement makes us to revise assumptions
  • We keep target interval but lean towards upgrade

In its report for Q1 2019, Hövding reported an impressive 135% increase in the number of units sold compared with last year. Net revenues grew even more at 139%, helped by higher average selling price. To top it off, gross margin in the quarter reached 31 percent.

The growth figures must be interpreted with some caution since Q1 last year was unusally weak. Some of the margin improvement could however be permanent and we look into what implication that could have for our valuation.

The full report is available here (https://www.vhcorp.se/uploads/1198_H%C3%B6vding_updateQ119_190510.pdf).

The research report is prepared as part of Market Focus, Västra Hamnen Corporate Finance's commissioned research offering.

This is a press release from Västra Hamnen Corporate Finance AB. 
Web: vhcorp.se
Twitter: @vhcorp_se (https://twitter.com/vhcorp_se)

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